Unfortunately, there is no concept of contract as such in HYIP industry. SafeDepositary is one of the first projects which tries to use the concept of "user agreement" for the purpose. Their agreement is called "contract". Premier-Profit, unfortunately, is one of the vast majority of programs in which the user agreement is habitual. So what does it mean? Keep reading.
On July 8, 2010 Premier-Profit has announced the implementation of a new 15 Days plan. And the conditions were:
"We pay up to 25% daily for 15 days total 375% return. Pure profit is 275%. This plan will be closed for investment once we reached the investment limit."
The system of restriction that EthanolB uses. A very attractive plan and offer.
Our reader, let's call him John Doe, almost immediately invested in this plan. When the time for getting profit came, it unexpectedly turned out that there was a requirement that the payment should be transferred via bank wire or bank check. The reason: "due to money laundering act request by the investment bank". And it was necessary to accomplish verification to complete this procedure. It meant sending a letter with a special code to investor's postal address. The delivery term of this letter was 2-4 weeks.
Everything would have been okay if not for two facts. The first one is the initial absence of verification conditions (and payments via bank or bank check). The second one is that more than 4 weeks have passed since the day when John Doe provided his postal address. So, we simply have the impression that Premier-Profit tries to avoid paying out John's interest, however, it is not quite like that.
The administration actively responds to John Doe's mails and has even commented on the situation for us. They even agreed to pay money via LibertyReserve after John Doe accomplishes verification. But it is impossible to accomplish it. Even if manages to do it, there will be many issues that will make it possible for Premier-Profit to legally delay the procedure of paying out for unlimitedly long term. It is clear that there is no sense to sacrifice their name considering the fact that the amount of money which the company has to pay out is approximately $1,000.
It is early to dot. All terms that were provided for premier-profit.com to resolve the issue have passed. The problem may well be solved by establishing mutual peace if taking in consideration stable operation of premier-profit.com within 130 days and the working efficiency of support service. Of course, the bad impression from suddenly imposed restrictions and additional conditions will remain, but no one can call this project scam for now.
UPDATE (20/9/2010): Today we have found out that some investors have four-days withdrawal delays. Administration of premier-profit.com has not commented on this yet, but it may well be a real scam alert. Our status is NOT PAYING now. Be careful.
, HYIPNews.com
